Global Economics Update Questions & answers on the new US tariff regime The imposition of a 10% Section 122 tariff on all countries leaves the weighted-average US tariff rate about 3.5%-points lower than was the case under the IEEPA framework, although the difference will... 23rd February 2026 (Updated 24th February 2026) · 8 mins read
Bonds Update AUS-NZ yield spread set to widen further We think the 10-year Australian government bond yield will reach 5% this year as the RBA hikes by more than investors anticipate. But we see less scope for yields to rise in New Zealand as the RBNZ is... 19th February 2026 · 4 mins read
Australia & New Zealand Economics Update RBNZ to hold fire on rate hikes until 2027 The new RBNZ Governor, Anna Breman, didn’t rock the boat at her inaugural meeting today. The Committee predictably left rates unchanged, while arguing that risks to the outlook remained two-sided... 18th February 2026 · 3 mins read
Australia & New Zealand Economics Update RBNZ will start normalising policy in Q2 2027 The RBNZ will leave rates on hold at 2.25% at its meeting on 18th February. With the latest data suggesting that the balance of risks to the economic outlook has shifted somewhat to the upside, we’re... 11th February 2026 · 4 mins read
Australia & New Zealand Economics Update RBA will hike rates to 4.35% The recent pick-up in economic activity and inflation suggests that the neutral rate of interest may now be closer to 4% instead of the RBA’s estimate of around 3.5%. Given that the RBA believes that... 4th February 2026 · 4 mins read
Australia & New Zealand Economics Update RBA raises rates, leaves door ajar for further hikes The Reserve Bank of Australia struck an unambiguously hawkish tone when it raised rates by 25bp at its meeting today. Our base case is that the Bank will deliver only one more 25bp hike this year, but... 3rd February 2026 · 3 mins read
Australia & New Zealand Economics Update Strong housing market bolsters case for RBA hikes Australia’s house price rally maintained solid momentum in January, while growth in advertised rents accelerated further. With the housing sector likely to feed inflationary pressures for a while to... 2nd February 2026 · 4 mins read
Australia & New Zealand Economics Update Australia’s housing rally will soon slow in earnest Australia’s house price rally lost some steam in December and if we’re right that the Reserve Bank of Australia will lift interest rates as soon as February this slowdown has further to run. 2nd January 2026 · 3 mins read
Australia & New Zealand Economics Update Loose fiscal policy bolsters the case for RBA hikes The Australian government’s mid-year budget update showed that efforts to rein in public spending remain few and far between. With the economy pushing up against capacity constraints, the case for the... 18th December 2025 · 3 mins read
Australia & New Zealand Economics Update RBA will lift rates to 4.10% by mid-2026 The RBA sounded concerned about upside risks to inflation when it left its policy rate unchanged today and we now believe that its next move will be a rate hike as soon as February. 9th December 2025 · 3 mins read
Commodities Update New Simandou supply will sink iron ore prices Against the backdrop of weakening demand, the ramp-up in iron ore supply from the Simandou mine in Guinea is a key driver of our below-consensus view that iron ore prices will fall sharply over the... 2nd December 2025 · 4 mins read
Australia & New Zealand Economics Update Are first-time buyers fuelling the house prices rally? The less stringent criteria for accessing the government’s support scheme for first-time home buyers hasn’t noticeably boosted overall housing demand. Indeed, the key constraint remains extremely... 1st December 2025 · 3 mins read
Australia & New Zealand Economics Update Australian housing can’t buck its affordability problem Australia's house price growth picked up further in November and leading indicators suggest the rally has further to run. However, with the RBA unlikely to lower interest rates any further, mortgage... 1st December 2025 · 3 mins read
Australia & New Zealand Economics Update The case for a prolonged pause by the RBNZ The RBNZ has signalled its easing cycle is over and that policy normalisation could be on the agenda as soon as mid-2027. However, it is assuming that spare capacity will diminish much more rapidly... 26th November 2025 · 3 mins read
Australia & New Zealand Economics Update RBNZ done cutting, but no hikes before H2 2027 In line with our long-held forecast, the Reserve Bank of New Zealand cut rates to 2.25% at its meeting today and signalled that its easing cycle has now come to an end. As the recovery gains traction... 26th November 2025 · 3 mins read
Australia & New Zealand Economics Update New Zealand: weak population growth holding back recovery The tighter labour market in Australia will continue to encourage large numbers of New Zealanders to move to Australia, holding back the recovery in the housing market and consumer spending. While... 25th November 2025 · 4 mins read
